The music industry is a unique ecosystem. With the passing of each era, certain trends emerge, and certain trends diminish. This pertains to the consistently shifting behaviour and habits of music consumers. Being cognisant of these soaring and dipping trends is of paramount importance for music artists, as producing music fine-tuned to the consumer’s preference leads to acknowledgement, appreciation, and creative satisfaction.
Music consumers are the driving force of the music industry, as a shift in their preferences, creates a shift in the production quality and production value invested by a music creator. With trends impacting the functioning capacity of every industry, it only makes sense to harness their usage to engage with the dynamics of this ecosystem. These trends essentially translate to the narratives being discussed today – and transform into tomorrow’s manifestations.
1. Streaming Is Surpassing Radio
Music consumers have abandoned the radio, for podcasts and streaming services. By conducting extensive research and by delving into intricate factors, it has been deduced how only 39% of 16-19-year-olds listen to music on the radio, while a contrasting 56% listen through YouTube (MIDiA). With artists catering to younger demographics, opting for the radio is a sure-shot route to failure, as it doesn’t appeal to the core consumer.
2. Songs Are Getting Shorter
Rather than lengthening their songs, music creators should work towards shortening their songs. In 2019, the average length of a track was within the time span of three minutes and ten seconds. This is because consumers today, with their shorter attention span prefer listening to songs with a shorter length. Gig artists looking to achieve a breakthrough, should avoid lengthy songs and instead work towards refining the quality, mixing different genres and polishing the music piece they push onto any platform.
3. One Specific Genre Is A Phenomenon Of The Past
Creating an electric crossover of different genres is the new framework for establishing a major turning point. The gatekeepers of musical inventions, push forward for innovation, for creating a fusion and for creating a blend of music that is novel within the space. With artists gaining success through creating a unique amalgam of musical genres, new artists have joined forces and don’t seem to limit themselves within rigid boundaries.
4. High Prices For Streaming
With rising inflation, the prices for music streaming is more than likely to rise. Being a price-tolerant market, users will have to pay an increased price for the premium services they avail. Artists need to, however, ensure the tracks they produce are exclusive and worthy of receiving the monetisation they receive.
5. Albums Have Lost Their Significance
Extracting maximum value from premium music pieces has long been a hallmark of the music industry. Streaming-era artists don’t wish to be constricted within the bounds of an album framework, due to which they prefer releasing each song individually, to heighten and maintain the hype around the track they release. By releasing a trickle of songs, they keep the interest of the consumers alive, leading to the creation of a ‘buzz’ that artists crave.
6. Collaborations Are The New Formula
Music breakthroughs and successes are increasingly dependent on the fusion of global cultures, as opposed to local cultures. With artists such as Luis Fonsi, Bad Bunny & J Balvin making their presence felt, music consumers are progressively leaning towards listening to a balanced mix and diversity-driven music pieces. This rise of local artists to the global centre stage has led major and established artists to initiate musical synergies with local and indigenous gig artists.
7. Artificial Intelligence Powering The Music Industry
Artificial intelligence is paving the pathway for innovation and is penetrating itself into the industry at an unprecedented rate. It enables users to learn and develop solutions from insights and automate processes, thus proving itself to be beneficial for music creators.
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